Rupee closes stronger - G-Secs rise
Mumbai: The rupee closed stronger at 43.72-43.725 against the dollar on Friday having finished the previous session at 43.79/80 levels. The likely revaluation of the Chinese yuan against the dollar next week is also seen positive for the rupee, dealers said.

Forwards market: The six-month forward closed at 2.29 per cent (2.35 per cent) and the 12-month forward at 1.89 per cent (1.93 per cent).

G-Secs: The benchmark 7.38 per cent paper moved up by 15-20 paise to close at 6.70 per cent, as against the previous close of 6.76 per cent.

Call rates: closed at 4.70-4.80 per cent in an easy market with not much pressure on money.

CBLO market: 149 trades accounting for a volume of Rs4,973.55 crore were put in at 4.50-4.75 per cent levels.
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IDBI: HR consultants to revamp compensation package
Mumbai: IDBI has appointed HR consultants to revamp the compensation packages for employees, M. Damodaran, Chairman and Managing Director, has said.

Speaking to press persons, on the sidelines of a Bombay Management Association function, which along with other leading associations felicitated him as `Finance man of the year 2004', Damodaran said that the consultants have suggested the introduction of a cost-to company approach and an integrated compensation package for employees.
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Corporation Bank and Franklin Templeton MF tie up
Mangalore: Corporation Bank has announced plans to distribute mutual fund products of Franklin Templeton Investments by way of increasing its fee-based income.

A bank release said that the bank is in the forefront in offering value-added and innovative products and services to its customers, and that this is the first public sector bank to have a tie-up with Franklin Templeton Investments.

The bank is also distributing the products of LIC MF, DSP MF, Reliance MF and UTI MF at key branches across the country.
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RBI puts curbs on withdrawals from Kanyaka Bank
Hyderabad: The Reserve Bank of India has imposed restrictions on withdrawal of deposits from the Kanyaka Parameswari Bank, in view of the liquidity problems being faced by the Hyderabad-based urban co-operative bank.

The bank has been directed by the regulator not to allow withdrawals of more than Rs500 per person. The bank has also been advised not to accept fresh deposits. These directives have come into effect from Friday.
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Banks - Q3 Results
SBI Q3 net up 19.56 per cent
Mumbai: Boosted by higher net interest income and lower cost of deposits, State Bank of India has recorded a 19.56-per cent growth in net profit in the third quarter at Rs1,099.35 crore, against Rs919.44 crore in the corresponding period of the previous year.

During the quarter, the bank recorded a 31.99-per cent increase in net-interest income to Rs3,660.08 crore (Rs2,773.01 crore).

SBI has reported a dip in its profit before tax (PBT) in its third quarter banking operations to Rs625.79 crore from Rs842.32 crore in the year-ago period, while it showed an increase in PBT for its treasury operations to Rs663.13 crore (Rs338.62 crore).

At end-December 2004, total advances of the bank grew to Rs19,55,65 crore (Rs15,16,29 crore). The average yield on advances declined to 7.75 per cent (8.32 per cent). During April-December 2004, retail advances in the personal segment grew by Rs10,431 crore. The outstanding personal segment advances aggregate Rs43,581 crore. Housing advances grew by Rs6,235 crore.

Total deposits grew to Rs35,06,30 crore at end-December 2004 (Rs30,23,44 crore). Gross NPAs of the bank were at Rs12,794.99 (Rs13,846.37 crore), while net-NPAs were at Rs4,812.65 crore (Rs4,075.97 crore). Provisions and contingencies were at Rs1,710.54 crore (Rs707.97 crore), of which provisioning for non-performing assets were at Rs791.56 crore (Rs400 crore). Capital adequacy ratio of the bank was at 12.66 per cent (14.74 per cent). Net profit of the bank for the nine-month period ended December 31 was Rs3,239.64 crore (Rs2,808.54 crore).

PNB Q3 net up 21 per cent
New Delhi: The Punjab National Bank (PNB) has recorded a net profit of Rs314.27 crore for the third quarter ended December 31, 2004, a 21 per cent rise over the Rs259.80 crore recorded during the same period in the previous fiscal.

Operating profit stood at Rs544.50 crore (Rs711.88 crore). During this quarter, the bank has made lower provisions of Rs230 crore compared with Rs452 crore in the corresponding quarter last year. The bank has decided to pay an interim dividend of 30 per cent.

During the first nine months of the current fiscal, net profit rose by 29.4 per cent to Rs1,049.49 crore compared with Rs811.32 crore, on the back of a 12.5 per cent growth in net interest income to Rs2,935 crore.

Operating profit during the nine months was Rs2,180.23 crore (Rs2,421.63 crore). With a network of 4,036 branches, the bank's deposits at the end of December 2004 stood at Rs95,922 crore compared with Rs81,889 crore at the end of December 2003, an increase of 17.1 per cent.

Yield on advances declined to 8.29 per cent from 9.25 per cent.

IndusInd Bank Q3 net down 44 per cent
Mumbai: The IndusInd Bank has recorded a 44 per cent dip in net profit in the third quarter ended December 31,2004 to Rs42.85 crore from Rs77.09 crore in the same period the previous year. During the third quarter, the bank's treasury profits were lower at Rs9.81 crore (Rs67.33 crore) while from other banking operations were higher at Rs78.99 crore (Rs56.30 crore).

Net interest income was at Rs101.18 crore (Rs55.55 crore) while fee income grew to Rs7.91 crore (Rs5.48 crore). Total income was at Rs317.60 crore (Rs259.41 crore).

Advances as on December 31,2004 were at Rs7,374.17 crore (net of securitisation) while total deposits at the end of the quarter were at Rs11,023.03 crore.

Capital adequacy ratio of the bank was at 12.73 per cent (13.17 per cent).
KVB Q3 net falls to Rs 21 crore
Coimbatore: Karur Vysya Bank's net profit has slipped by more than half to Rs20.72 crore for the quarter ended December 2004 compared with Rs44.54 crore during the corresponding period of the earlier fiscal.

The net profit has dropped by 37.49 per cent in the first nine months to Rs75.26 crore (Rs120.40 crore). The dip in the net profit has been attributed to provision for depreciation, on shifting of Government securities from `available for sale' category to `held to maturity' category.

The bank's interest income includes discount on advances and bills at Rs96.96 crore (Rs91.69 crore), income on investments at Rs47.32 crore (Rs57.24 crore). With other income at Rs21.25 crore (Rs5.09 crore), the bank's total income rose to Rs168.22 crore (Rs157.06 crore) in the third quarter.
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